The Bottom of the Market

It's looking convincingly like this is the trough, or we've moved through the trough probably a couple of months ago. One month of a fall is meaningful, but it doesn't necessarily mean there might not be more down the track. A lot of people think just interest rates are the main factor in the market, but it's really clear there's a lot of other factors that tend to influence housing markets. And at the moment, it really does seem to be this imbalance between really strong migration coming into Australia and very low housing supply levels. Okay. So when you look at previous downturns, has there ever been a case where you Think the market's hit the trough and then it